American law enforcement agencies joined those from the United Kingdom and Canada to conduct a joint international law enforcement initiative focusing on crypto assets.
The initiative, Operation Atlantic, worked to identify victims who may have lost, or are at risk of losing, crypto assets through “approval phishing,” often linked to cryptocurrency investment scams.
“Approval phishing and investment scams cost victims millions in financial loss each year,” Brent Daniels, the deputy assistant director for the U.S. Secret Service’s Office of Field Operations, said. “During Operation Atlantic, the U.S. Secret Service, alongside our international law enforcement partners, will identify and disrupt these scams in near real-time denying criminals the ability to further profit from their crimes.”
Officials said the operation’s goal was to disrupt organized fraud schemes, assist victims as to how to secure assets to prevent further loss, to recover stolen funds and to raise public awareness about cryptocurrency investment scams. The operation was co-hosted by the U.S. Secret Service, the UK’s National Crime Agency, the Ontario Provincial Police, and the Ontario Securities Commission.
“Operation Atlantic is a strong example of the OSC’s commitment to working across borders to tackle the growing risks posed by scams,” Bonnie Lysyk, executive vice president of Enforcement at the Ontario Securities Commission, said. “Through our partnerships with the OPP, UK National Crime Agency, and U.S. Secret Service we are using innovative techniques, advanced tools, and extensive expertise to disrupt bad actors and protect investors from the harm they seek to cause.”
Other participating agencies included the Royal Canadian Mounted Police, the City of London Police, the U.S. Attorney’s Office for the District of Columbia and the UK’s Financial Conduct Authority. The operation is being conducted in close collaboration with private industry partners.
“Approval phishing scams are becoming increasingly sophisticated. Operation Atlantic is designed to protect the public by warning people early and helping them secure their assets,” Paul Foster, deputy director of Cyber at the UK’s National Crime Agency, said. “This joint international operation further enhances our strong partnerships. Criminals operate across borders, so our response must do the same.”